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Advice needed re : mortgage application
bukup
Posts: 235 Forumite
I would be grateful if someone could give me some advice. I am just in the process of purchasing a flat and submitting the mortgage application form. However on the application form the Bristol and West want to know where the deposit monies are coming from. I am using my credit card but not sure if they will be funny over this and reduce the loan amount. If I state personal savings will they require evidence of this?
Any advice would be appreciated.
Any advice would be appreciated.
0
Comments
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If you are at your max borrowing you will have problems as your loans amount will be reduced by any annualised credit commitments. Obviously this wont be spotted at application stage but some lenders do credit check again just prior to completion i.e. after exchange, so if you use your credit card, and it reduces your maximum lending, you have got to exchange and the lender queries this, you are in a tight spot. Why not just use a lender with a more generous income multiple to see if this can be avoided?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Generally lenders do not ask for evidence of deposit with personal savings.0
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